Figaro H2 income surges as store network expands

By VG Cabuag @villygc

For the entire 2022, meanwhile, the company’s revenues reached P4.47 billion. Gross profit increased by 91 percent primarily due to the rise in volume from store expansion and opening, though the gross profit margin slightly reduce to 48 percent from 49 percent due to the higher cost of major raw materials.

Operating costs also increased by 114 percent as a result of the massive store opening activities during the year and the initial public offering activities resulting to increasing overhead costs.

Systemwide sales from July to December grew by 79 percent to P2.05 billion from P1.14 billion in the same period in 2021.

t his was brought about by the opening of stores which brought the total number of stores to 150 by the end of December 2022. t his resulted to an 88-percent increase in revenues versus same period last year,” the company said. much of the company’s revenues came from a n gel’s Pizza, which reached P1.34 billion during the period , up by 52 percent from the previous year’s P877.76 million. For the entire 2022, the pizza chain delivered revenues of close to P3 billion.

Figaro, which operates the homegrown coffee shop brand of the same name and pizza chain a ngel’s Pizza, went public in June 2021. revenues for the six-month period almost doubled to P2.04 billion from the previous P1.08 billion.

Figaro Coffee, meanwhile, deliv- ered P90.44 million in revenues for July to December, or almost doubled from the P47.28 million in the previous year. For the entire year, Figaro Coffee’s revenues reached P116.01 million. t he company said its cash and cash equivalents as of end-2022 stood at P259 million, some 32 percent up versus the cash balance as of June 30, 2022 audited financial statement. Cashflow from operations during the period provided an inflow of P151.7 million, while the investing and financing activities during the period provided a net outflow of P10.7 million and P77.6 million, respectively. t he company was able to fully liquidate all its interest-bearing bank loans in September. It has new availments of P30 million from UnionBank as of end-2022.